By Liz Moyer

Investing.com — Unter Armour Inc (NYSE) shares lost nearly 16% on Thursday trading, but rose during the after-market following a Morgan Stanley downgrade.

Morgan Stanley downgraded these shares from overweight to equal weight with a price target of $11. Stock closed at $9.28

On Wednesday, the athletic apparel manufacturer announced that CEO PatrikFrisk would be leaving following two years. He will leave effective June 1. Frisk will continue as interim CEO, and Colin Browne is the Chief Operating Officer. 

Frisk joined Under Armour, (NYSE:), in 2017, and was promoted to CEO in January 2020. While he will continue to serve as an advisor for the company until September 1, he is expected to oversee a turnaround. Under Armour suffered a net loss due to supply chain problems. This led to analysts cutting their price targets.